Investment Strategy
The Berenberg EM Bonds fund uses an active investment process to invest in attractive government and quasi-sovereign bonds from emerging markets that offer above-average return potential compared to traditional EUR fixed income investments. Using a combination of systematic and discretionary components in the investment process, the fund manager selects bonds from fundamentally convincing emerging markets or government-related companies for the portfolio. The investment strategy is underpinned by ongoing country risk management and active interest rate duration management. The foreign currency risk is generally hedged.
- Fundamental investment approach in government and quasi-sovereign bonds from Emerging Markets with active duration management
- Active positioning against a market benchmark
- Average duration is between 0 and 10 years
- Investment segments are primarily (quasi) government bonds in hard currencies
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | DE000A1C2XK8 |
|---|---|
| WKN | A1C2XK |
| Inception date | 04.10.2010 |
| Issue price (17.09.2025) | 81.35 EUR |
| Redemption price (17.09.2025) | 78.98 EUR |
| Fund volume | 4.83 Mio. EUR |
| Share class volume | 803,203.47 EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 3.00% |
|---|---|
| Flat-rate fee p.a. | 1.30% |
| Total Expense Ratio (TER) p.a. | 1.55% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| High return potential and current income from coupon collection | The fund is subject to general market risk |
| Attractive growth prospects in emerging markets | Increased price fluctuations and risk of loss or default possible when investing in emerging markets |
| Possible additional income through security analysis and active management | Increased price fluctuations and default risks possible with high-yield investments and investments with increased credit risks |
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Monthly performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 3.27 | 0.28 | -0.48 | -0.22 | -0.69 | -2.23 | 0.20 | -1.46 | -1.90 | 2.95 | -0.78 | -1.82 | -3.00 |
| 2016 | 0.71 | 1.18 | 3.21 | 1.44 | -0.53 | 3.86 | 1.89 | 1.44 | -0.23 | -1.37 | -4.89 | 1.29 | 7.98 |
| 2017 | 1.09 | 1.70 | 0.01 | 1.12 | 0.62 | -0.41 | 1.19 | 1.71 | -0.26 | 0.54 | 0.23 | 0.57 | 8.39 |
| 2018 | -0.44 | -2.34 | -0.40 | -2.20 | -1.11 | -3.72 | 2.77 | -3.57 | 1.66 | -2.88 | -2.11 | 0.19 | -13.45 |
| 2019 | 4.27 | 1.13 | 1.57 | -0.39 | -0.44 | 4.12 | 1.30 | 0.42 | -1.77 | -0.29 | -0.45 | 2.36 | 12.28 |
| 2020 | -0.02 | -1.61 | -10.49 | 1.83 | 5.84 | 3.32 | 3.45 | 0.03 | -2.42 | 1.32 | 4.61 | 2.35 | 7.41 |
| 2021 | -0.97 | -1.03 | -1.57 | 2.14 | 1.07 | -0.51 | -1.12 | 1.06 | -2.41 | 0.25 | -3.42 | 1.98 | -4.60 |
| 2022 | -1.76 | -3.10 | 3.26 | -5.16 | -0.33 | -9.04 | 1.42 | 1.02 | -6.33 | 3.03 | 8.49 | -1.01 | -10.26 |
| 2023 | 3.02 | -1.49 | -2.14 | -0.61 | 0.14 | 2.50 | 2.72 | -2.65 | -3.43 | -1.73 | 6.62 | 6.34 | 9.00 |
| 2024 | -1.89 | 0.19 | 1.86 | -2.14 | 1.31 | -0.44 | 2.00 | 2.35 | 1.57 | -1.69 | 0.83 | -1.30 | 2.52 |
| 2025 | 0.95 | 1.24 | -1.65 | -0.40 | 0.47 | 1.88 | 0.91 | 1.20 | - | - | - | - | 6.79 |
Source: Berenberg, Management company
The charts and tables regarding performance shown here are based on own calculations according to the method developed by the German Investment Funds Association (BVI). They illustrate past performance. Future performance can deviate both positively and negatively from these calculations. Gross performance (BVI method) takes into account all charges at fund level (e.g. management fee), net performance plus the issue surcharge. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 3.00% he has to payEUR 30.00 for the purchase. Also, fees may be charged for the administration of the safe custody account, which will lower the performance. Past performance is not a reliable indicator of future performance.
Performance after issue surcharge
| 1 year | 4.11% |
|---|---|
| 3 years | 24.51% |
| 5 years | 8.33% |
| since inception | 47.52% |
| Max. Drawdown 5 years | -23.86% |
Source: Berenberg, Management company | State: 17 Sept 2025
Risk figures
| Volatility - 1 year | 4.52% |
|---|---|
| Volatility - 3 years | 7.13% |
| Sharpe Ratio - 3 years | 0.64 |
| Maximum Drawdown - since inception | -23.86% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In August, expectations of interest rate cuts rose sharply as a result of the weaker US labor market, causing US interest rates at the short end to fall by up to 30 basis points. The absence of further trade disputes and the prospect of interest rate cuts in an environment of continued robust US economic growth caused credit risk premiums on hard currency bonds from emerging markets to decline further. High-yield securities performed particularly well, as they have short maturities and benefit more from the tightening of spreads. Thanks to its balanced positioning in the HY segment, the Berenberg EM Bonds fund closed the month under review with a positive return of approximately 1.2%. The benchmark universe performed similarly well, returning approximately 1.1%.
Portfolio Management
Sebastian Burbank
Sebastian Burbank has been with the company since October 2024. Before joining Berenberg, he worked for 3 years at Deka Investment as a portfolio manager for global bonds and currencies. He focused in particular on local and hard currency bonds in the emerging markets. He holds a Master's degree in Finance from Goethe University in Frankfurt am Main and a Bachelor's degree in Economics from the University of Essen.
Christian Bettinger
Christian Bettinger has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.
